Canadian Fintech firm Payment Rails has revealed that it is rebranding as Trolley—the payouts platform for the “Internet economy.”
The newly renamed Trolley also confirmed its recent $7M Series A investment round, which was led by Pace Capital.
Established in 2015, Trolley is a payouts platform that allows businesses to “automate and manage payouts, collect recipient tax and banking information, and mitigate fraud and risk.” In this time, Trolley has become “the payouts solution of choice for hundreds of businesses, paying out to over 1.1 million different creators, musicians, artists, makers, vendors, on-demand workers, and suppliers,” according to a release.
Tim Nixon, CEO and Founder at Trolley, stated:
“Payment Rails is an industry-insider term that implies infrastructure, and we’ve gone beyond just payouts infrastructure. Over the past six years, our offering has evolved from a mass-payout solution to a global payouts ecosystem—one which addresses many payout-adjacent problems. The choice of Trolley nods to our past yet speaks to our future: Whether our customers need payouts to new countries or currencies, mass payout automation, tax form collection and reporting, or risk management solutions, Trolley is a vehicle for them to grow their businesses.”
Along with a new company name, the Trolley team has also “updated the company’s brand, and launched a new corporate website (trolley.com), which is live today,” the announcement noted.
Vincent Guérin, Trolley’s VP of Marketing, remarked:
“Through this organic process, we’re elevating our brand to a new level, one that repositions our offerings and reflects Trolley’s capacity to help our customers tackle the wide number of challenges they are facing.”
As noted in the release, demand for Trolley’s payouts platform surged since the beginning of 2020. The trend toward near-universal remote work “prompted many companies to expand their willingness to work with (and therefore need to pay) contractors and suppliers from around the globe.” The announcement also mentioned that worker shortages “added to this pressure and added a need to make workflows around payouts as efficient as possible.”
The $7M CAD investment round, led by Pace Capital and their general partner, Chris Paik—who has joined the Trolley Board of Directors—will “allow Trolley to expand and accelerate its product roadmap to tackle the needs of this rapidly growing market.”
Trolley will also be “enhancing its existing banking networks and payout methods to allow more participants from all geographies,” the update noted.
Trolley intends to leverage Pace Capital’s investment to:
- Increase the number of direct integrations with top ERP and accounting platforms
- Expand tax compliance offerings into markets beyond the United States
- Add more local and instant payout options, opening a broader market for payouts
- Further expand the Trolley team, which currently numbers 40 employees.
For more details on this update, check here.